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Carbon Friendly Reports Financial Projections
VANCOUVER, British Columbia–(BUSINESS WIRE)–May 08, 2013– Carbon Friendly Solutions Inc. (CNSX: CFQ) (the “Company” or “Carbon Friendly”) is pleased to report that it has accomplished the following goals in the previous six months: — Signed a binding Letter of Intent (LOI) to build the first MicroCoal™ plant in Asia, to be located in Indonesia; — Acquired 100% ownership of the MicroCoal technology; — Completed and submitted additional patent applications for exposing solid material, such as coal and biomass, to microwave radiation; — Granted a trademark registration on “MicroCoal” by the US Patent and Trade Mark Office; — Entered into a consortium with a state-owned agency to apply for a funding grant to establish a European test facility; — Appointed Dr. Isaac Yaniv, a renowned scientist and founder of MicroCoal Inc., to Carbon Friendly’s Advisory Board. (He is responsible for more than 20 patents related to materials and mineral processing, including key patents on separation of contaminants from coal.); — Established representatives in key international markets to market and sell MicroCoal in Europe, Asia, North America, and Africa; — Recruited Mr. Robert Randall Johnson, a former Vice President of Operations and Chief Engineer at Massey Energy, as MicroCoal’s Senior Project Manager. (He will oversee deployment of MicroCoal plants in Indonesia and other countries.); and — Successfully completed coal testing for an Indonesian utility, and advanced the project to the Design Stage. The Company intends to work diligently with parties interested in the MicroCoal technology to secure binding agreements that generate revenue. Based on the foregoing, the Company reports that it anticipates the Operating Profit to be in the range of $4 Million to $5 Million for its June 2014 year-end. In the June 2015 year-end, the Company forecasts the Operating Profit to be between $24 Million and $25 Million, reflecting increased adoption of the MicroCoal™ technology in key international markets. The 2013 guidance represents initial capital expenditures for a MicroCoal plant in the USA, and license fees for Europe and Asia. The Company is in advanced discussion with utilities in Canada, USA, Indonesia, and Europe and expects to convert this interest into sales in 2013 and 2014. Slawek Smulewicz, CEO and Director of the Company, states: “The growing interest for the Company’s MicroCoal Technology is an indicator of the global need for a clean coal technology. As more MicroCoal plants are built, the majority of the Company’s revenue will be driven by its MicroCoal subsidiaries, resulting in strong cash flow and enabling the Company to deliver sustainable, long-term value to its shareholders.” About Carbon Friendly Solutions Inc.: Carbon Friendly Solutions Inc., through its subsidiaries, is focused on the development of energy efficiency technology, renewable energy, and reforestation projects that have the potential to generate significant revenue. MicroCoal Inc. has an internationally patented technology that is expected to improve coal-fired utilities’ economic performance by reducing input costs, improving operations and simultaneously reducing their environmental footprint. Global CO2 Reduction generates Carbon Offsets from forestry projects that may be transacted through international voluntary markets. Carbiopel S.A. aggregates biomass supply and produces biomass fuel pellets for the European market, including large European utilities and independent renewable energy providers, in line with EU renewable energy directives. On behalf of the Board of Directors Carbon Friendly Solutions Inc. “Slawek Smulewicz” CEO and Director Forward Looking Statement Certain information set forth in this press release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar exp ressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks that the actual production or sales for the 2013 or 2014 fiscal years will be less than projected production or sales for these periods; risks that the prices for MicroCoal facilities and Biomass will be less than projected or expected; technical problems; the effects of competition and pricing pressures in the Biomass and MicroCoal markets; the oversupply of, or lack of demand for, coal or biomass; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; various events which could disrupt operations, engineering, and sales, construction, including labour stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this press release are based on certain assumptions regarding, among other things, future prices for MicroCoal and Biomass; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; the regulatory framework representing royalties, taxes and environmental matters where the Company conducts business; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this press release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue or that it will be able to achieve these sales levels. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release. We seek safe harbor. Please contact: Slawek Smulewicz CEO and Director, Carbon Friendly Solutions Inc. Telephone: (604) 676 9792 E-mail: info@carbonfriendly.com CONTACT: Carbon Friendly Solutions Inc. Slawek Smulewicz CEO and Director 604-676-9792 info@carbonfriendly.com SOURCE: Carbon Friendly Solutions Inc. Copyright Business Wire 2013 Continue reading
Carbon Credits from California may be Utilized in the Quebec Market
Published on May 8, 2013 at 8:14 AM KCET, the USA’s largest independent public television station reports that a deal that has been reached wherein “greenhouse gas emission allowances acquired as part of California’s cap and trade auction program can soon be traded along with those issued under a similar program in the Canadian province of Quebec.” 1 According to this report the carbon emissions markets in California and Quebec will essentially merge, commencing January 1, 2014. The report further states that the “emissions credits purchased in California will be able to be used to offset greenhouse gas emissions in Quebec, and vice versa.” “The Board’s action today broadens the environmental impact of California’s cap-and-trade program and helps fight climate change by reducing greenhouse gases,” said CARB Chair Mary D. Nichols in a press release. “California retains absolute control over its own program, and the larger carbon market overall provides additional options for California businesses.” 2 This comes at a time where the “concentration of carbon dioxide in the atmosphere has reached 399.72 parts per million (ppm) and is likely to pass the symbolically important 400ppm level” 3 as reported by John Vidal of the Guardian. Ralph Keeling, a geologist with the Scripps Institution of Oceanography, states that “I wish it weren’t true but it looks like the world is going to blow through the 400ppm level without losing a beat. At this pace we’ll hit 450ppm within a few decades.” The Guardian reports that “The 400ppm threshold is a sobering milestone, and should serve as a wake up call for all of us to support clean energy technology and reduce emissions of greenhouse gases, before it’s too late for our children and grandchildren,” said Tim Lueker, an oceanographer and carbon cycle researcher with Scripps CO 2 Group. 1 http://www.kcet.org/news/rewire/climate-change/california-carbon-credits-will-soon-be-good-in-quebec.html 2 Ibid. 3 http://www.guardian.co.uk/environment/2013/apr/29/global-carbon-dioxide-levels Source: http://www.bluforest.com/ Continue reading
EU Announces New Rules On Disclosure Requirements For Extractive And Forestry Industries
Paul Hastings LLP Bruno Cova , Francesca Petronio , Anteo Picello and Roberto Peroni European Union April 11 2013 Author page » Author page » Author page » I. New EU Disclosure Requirements On Tuesday, April 9, 2013, EU Commissioner Mr. Barnier issued a statement announcing a proposed directive on disclosure requirements for the extractive and forestry industries filed as IP/11/1238 and MEMO/11/734 (the “ Directive ”). At this stage, it is expected that the final text should be approved by June 2013 and become binding by July 2014. From a formal standpoint, the new disclosure requirements will be incorporated in the proposals to revise the accounting directives (78/660/EEC and 83/349/EEC) and the transparency directive (2004/109/EC). The key features of the Directive are the following: Listed and large non-listed companies with activities in the extractive industry (oil, gas and mining) and loggers of primary forests shall disclose all payments and contributions to governments above Euro 100,000; The disclosure should be made through an annual report, outlining the information on any payment and contribution made by the relevant companies to governments; Declarations are to be published on a country and project basis (the so-called country by country reporting). After months of discussions on a number of issues, such as the applicable thresholds and the degree of information to be disclosed, the EU Parliament and Council reached a common position which, in the words of the Commissioner: “will bring in a new era of transparency to an industry which is far too often shrouded in secrecy and help fight tax evasion and corruption as well as create the framework so both companies and governments can be held to account on the use of revenues from natural resources.” The EU law innovations follow the introduction of similar statutes in other jurisdictions and advocated by the Extractive Industries Transparency Initiative (known as EITI) since 2002 and then introduced in the USA by the Dodd-Frank Act and the Securities Exchange Act. Whilst the materiality threshold is similar to the one enacted in the U.S., the proposed Directive defines as “large company” one which exceeds two of the three following criteria: turnover €40 million; total assets €20 million; and 250 employees. In addition, whilst US provisions apply only to companies active in the extractive industry, EU proposals will also apply to the forestry sector. II. Background On October 25, 2011, the EU Commission presented to the EU Parliament and the EU Council the proposed legislation as a directive, which is a piece of legislation binding the EU Member States to issue implementing legislation. The EU Parliament shall debate and approve the proposed Directive in plenary meeting. It is expected that the matter will go to the plenary meeting for final approval in June 2013. If the Council will not approve the text resolved upon by the Parliament, the Directive will then be forwarded to the EU Parliament for a second reading, along with the Council’s comments. If the EU Parliament accepts the position of the Council, the Directive becomes final; in case of rejection, the procedure for adoption the Directive will be closed. However, if in the second reading the EU Parliament proposes further changes to the Directive, the Council will have to consider them. In case of rejection by the Council, a conciliation proceeding would be triggered, and the matter would be submitted to a special committee composed of selected members of the EU Parliament and of the Council in order to resolve it within 6 months. The Directive, in its current language, sets forth that Member States shall implement it by July 1, 2014 at the latest. III. Conclusion Companies in the extractive industry (oil, gas and mining) and loggers of primary forests should already take the possibility of the adoption of the proposed Directive into account, in order to assess its impact on, inter alia , their accounting and internal control procedures and begin to consider appropriate measures to comply with the new disclosure requirements. Continue reading
